Spring Housing Market

louvivas Real Estate Leave a Comment

The Spring Market is officially upon us! As a DC resident you may be able to tell from the Washington D.C. Open Houses sign that you might be seeing on your walk to work, or just the tourists that are traveling to D.C. enjoying our beautiful city. According to MRIS, the Washington D.C. real estate inventory rose 11.4 percent from February 2015 to February 2016. Median sales prices were up 4 percent, from $495,000 in February 2015 to $515,000 in February 2016. In spite of the increase in inventory, homes in the District are selling faster than ever, with the average number of days a home stays on the market dropping by 9.4 percent to 48 days in February 2016. Many homes sell in less than a week! Competition in the city is getting heated for prime locations, as inventory becomes low and is not meeting supply and demand of our city people who are coming up with new ways of beating out the competition. A relatively new trend is for buyers to have a pre-contract home inspection in order to make an offer without a traditional home inspection contingency which might become a problem later if they are not sure about the shape of the property. Always check with your real estate agent to make sure you are putting the best offer forward!

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